Many are wondering how much impact President-elect Donald Trump will have on the economy, whether for better or worse, when he takes office next year.
Trump could have an immediate impact by filling the two Federal Reserve board seats that are currently vacant. The Federal Reserve sets interest rates and regulates banks.
Trump has signaled that he may support higher interest rates, which would help savers, but could hurt borrowers. On the other hand, he’s suggested that with less regulation, banks would be more eager to lend to businesses, which could help borrowers.
We’ll see what happens in January.